<SEC-DOCUMENT>0001102624-16-002626.txt : 20160428
<SEC-HEADER>0001102624-16-002626.hdr.sgml : 20160428
<ACCEPTANCE-DATETIME>20160428150338
ACCESSION NUMBER:		0001102624-16-002626
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160427
FILED AS OF DATE:		20160428
DATE AS OF CHANGE:		20160428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		161599390

	BUSINESS ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
		BUSINESS PHONE:		212-376-6500

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
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<FILENAME>tenaris6k.htm
<DESCRIPTION>TENARIS, S.A. 6-K
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">FORM 6 - K</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Report of Foreign Private Issuer</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Rule 13a - 16 or 15d - 16 of</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">As of April 28, 2016</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">TENARIS, S.A.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Translation of Registrant's name into English)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">TENARIS, S.A.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29, Avenue de la Porte-Neuve 3rd floor</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Form 20-F<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160; </u></font><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 14pt"><u>&#214;</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160;&#160; </u></font>Form 40-F</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 21.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12G3-2(b) under the Securities Exchange Act of 1934.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Yes <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160; &#160; &#160; &#160; </u></font>No<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160; </u></font><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 14pt"><u>&#214;</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160;&#160; </u></font><font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 21.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris&#8217;s</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Press Release announcing Tenaris 2016 First Quarter Results.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Date: April 28, 2016.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 180pt; FONT-SIZE: 14pt">Tenaris, S.A.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">By: <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: normal"><u>/s/ Cecilia Bilesio&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Cecilia Bilesio</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Corporate Secretary</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Giovanni Sardagna</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;1-888-300-5432</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com<br style="LINE-HEIGHT: 1.25">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Tenaris Announces 2016 First Quarter Results</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Luxembourg, April 27, 2016. -</font> Tenaris S.A. (NYSE, Buenos Aires and Mexico: TS and MTA Italy: TEN) (&#8220;Tenaris&#8221;) today announced its results for the quarter ended March 31, 2016 in comparison with its results for the quarter ended March 31, 2015.<br style="LINE-HEIGHT: 1.25">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt">Summary of 2016 First Quarter Results</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Comparison with fourth and first quarter of 2015)</div>

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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0565ed4e78524fb2bc71da534d9f37e3" cellspacing="0" cellpadding="0">
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2016</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q4 2015</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales ($ million)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,257</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,420</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11%)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,254</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(44%)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income ($ million)</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">42</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">73%</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">379</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(89%)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net income (loss) ($ million)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(45)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">162%</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">254</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(89%)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Shareholders&#8217; net income (loss) ($ million)</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(47)</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">139%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">255</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(93%)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings (loss) per ADS ($)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.03</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.08)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">139%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.43</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(93%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings (loss) per share ($)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.02</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.04)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">139%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.22</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(93%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EBITDA</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-FAMILY: 'Sabon MT', 'Bell MT', serif">*</sup><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> ($ million)</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">205</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">223</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">527</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(61%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EBITDA margin (% of net sales)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.93%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals). EBITDA includes severance charges of $12 million in Q1 2016, $34 million in Q4 2015 and $16 million in Q1 2015. If these charges were not included EBITDA would have been $218 million, 17.3% of sales in Q1 2016, $257 million, 18.1% of sales in Q4 2015,and $543 million, 24.1% of sales in Q1 2015.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sales continue to decline sequentially affected by ongoing reductions in drilling activity worldwide and continuing pressure on selling prices, though average selling prices for the quarter were supported by sales of coating services for offshore line pipe projects in sub-Saharan Africa. Our EBITDA margin, however, remained stable sequentially supported by lower selling, general and administrative expenses. Net income returned to a positive level reflecting improved operating results, a positive contribution from non-consolidated companies and a lower tax charge.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

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<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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</div>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash provided by operating activities reached $309 million during the quarter and after capital expenditures of $230 million we had positive free cash flow of $79 million. Our net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) rose to $1.9 billion at March 31, 2016.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt">Market Background and Outlook</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Oil prices have risen from their January lows, but will need to sustain higher levels for some months before oil and gas companies begin to increase investment levels. Meanwhile, drilling activity continues to decline in North America and the rest of the world with rig counts reaching post-war lows in the United States and Canada. With the reduction in activity, OCTG inventory levels in many parts of the world remain high in relation to consumption and we will see a second consecutive year of net destocking.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Over the past month, we have seen a rapid escalation in steel and raw material costs while OCTG pipe prices continue to decline on reduced consumption and pressure from excess inventories on the ground. This is unsustainable and we expect that OCTG prices will adjust to the new raw material and steel cost situation.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In this environment, our sales and margins in the next two quarters will be affected by volume and price declines reflecting lower drilling activity, the completion of deliveries to major South American pipeline projects and the current severe pricing context. By the end of the year, however, we expect sales to begin to recover based on a likely pick up in drilling activity in North America and our current order backlog for our Eastern Hemisphere operations.</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We will continue to adjust our operations in these unfavorable conditions, concentrating on cost and cash flow management while strengthening our market position in preparation for an eventual recovery.</div>

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</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt">Analysis of 2016 First Quarter Results</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="95e03324f47b4f41990e3edc36b777f6" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubes Sales volume</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(thousand metric tons)</div>
</td>
<td style="WIDTH: 12.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2016</div>
</td>
<td style="WIDTH: 24.94%; VERTICAL-ALIGN: middle" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q4 2015</div>
</td>
<td style="WIDTH: 27.57%; VERTICAL-ALIGN: middle" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Seamless</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.59%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">366</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">440</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(17%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">655</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.94%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(44%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Welded</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.59%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">146</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">145</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">160</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.94%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.59%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">512</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">585</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(12%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">815</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.94%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(37%)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c22acfbb5d0643c2bbb70ebb2f2b0805" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubes</div>
</td>
<td style="WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2016</div>
</td>
<td style="WIDTH: 25.75%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q4 2015</div>
</td>
<td style="WIDTH: 28.31%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Net sales - $ million)</div>
</td>
<td style="WIDTH: 13.55%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.23%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.43%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.74%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">North America</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">380</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">487</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(22%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">961</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(60%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">South America</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">350</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">440</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(20%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">487</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Europe</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">133</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">119</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">236</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(44%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Middle East &amp; Africa</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">239</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">199</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">314</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(24%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Far East &amp; Oceania</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">47</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(40%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">78</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(64%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total net sales ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,130</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,292</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(13%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,077</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(46%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income ($ million)</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller"> &#8224;</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">294%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">370</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(94%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income (% of sales)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.9%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.43%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.63%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#8224;Tubes Operating&#160; income includes severance charges of $11 million in Q1 2016, $28 million in Q4 2015 and $15 million in Q1 2015.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of tubular products and services</font> decreased 13% sequentially and 46% year on year. In North America sales declined due to lower drilling activity throughout the region and high OCTG inventory levels in relation to consumption. In South America sales declined due to lower drilling activity in Argentina and Colombia. In Europe sales increased sequentially due to a good level of shipments in the North Sea. In the Middle East &amp; Africa our sales increased as we started to see a gradual increase in sales to national oil companies in the Middle East and we had a high level of <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">sales of coating services for offshore line pipe projects in sub-Saharan Africa</font>. In the Far East and Oceania, the decline in sales reflected a steep decline in shipments to Indonesia, Oceania and China.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income from tubular products and services </font>amounted to $21 million in the first quarter of 2016, compared to $5 million in the previous quarter and $370 million in the first quarter of 2015.<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>The sequential increase is a result of a decline in selling, general and administrative expenses, mainly due to the collection of doubtful accounts provisioned in previous quarters and lower intangibles amortization charges, as in the previous quarter we suffer the full year effect of the reestimation in the useful life of customer relationships in Canada.</div>

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<tr>
<td style="WIDTH: 34.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="WIDTH: 13.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2016</div>
</td>
<td style="WIDTH: 25.42%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q4 2015</div>
</td>
<td style="WIDTH: 27.41%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q1 2015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">127</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">128</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.03%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">177</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.03%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">132%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income (% of sales)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16.6%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.1%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.23%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of other products and services</font> decreased 1% sequentially as a decline in sales of industrial equipment in Brazil and sucker rods was offset by higher sales of pipes for electric conduit in the United States. The operating margin increased following an improvement in the results of our electric conduit business in the United States.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Selling, general and administrative expenses</font>, or SG&amp;A, amounted to $287 million, or 22.8% of net sales, in the first quarter of 2016, compared to $369 million, 26.0% in the previous quarter and $436 million, 19.4% in the first quarter of 2015. Sequentially SG&amp;A declined 22%, due to lower charges for doubtful accounts, as we collected receivables from PDVSA provisioned in previous quarters, and lower amortization of intangibles.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial results</font> amounted to a loss of $15 million in the first quarter of 2016, compared to a gain of $19 million in the previous quarter and a loss of $1 million in the same period of 2015. Losses in this quarter are mostly due to the impact from the Euro appreciation on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar and the impact from the Brazilian Real appreciation on hedging instruments. These results are to a large extent offset by changes to our currency translation reserve.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity in earnings of non-consolidated companies</font> generated a gain of $12 million in the first quarter of 2016, compared to a loss of $46 million in the previous quarter and a gain of $8 million the first quarter of 2015. These results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas (BSP:USIM). In the fourth quarter of 2015 these results were negatively affected by impairment charges on our investment in Usiminas.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income tax charges</font> totaled $11 million in the first quarter of 2016. During this quarter our tax rate was negatively affected by the effect of the Argentine peso devaluation on the tax base used to calculate deferred taxes at our Argentine subsidiaries which have the U.S. dollar as their functional currency.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Results attributable to non-controlling interests</font> amounted to $10 million in the first quarter of 2016, compared to $2 million in the previous quarter and losses of $1 million in the first quarter of 2015. Results during this quarter are mainly attributable to our pipe coating subsidiary in Nigeria.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net cash provided by operations during the first quarter of 2016 was $309 million, compared to $203 million in the previous quarter and $878 million in the first quarter of 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures amounted to $230 million for the first quarter of 2016, compared to $307 million in the previous quarter and $261 million in the first quarter of 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the end of the quarter, our net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) amounted to $1.9 billion, compared to $1.8 billion at the beginning of the year.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt">Conference call</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris will hold a conference call to discuss the above reported results, on April 28, 2016, at 10:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 877 730.0732 within North America or +1 530 379.4676 Internationally. The access number is &#8220;89190308&#8221;. Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com/investors</font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A replay of the conference call will be available on our webpage <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">http://ir.tenaris.com/</font> or by phone from 1:00 pm on April 28 through 11:59 pm on May 6. To access the replay by phone, please dial +1 855 859.2056 or +1 404 537.3406 and enter passcode &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">89190308</font>&#8221; when prompted.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Some of the statements contained in this press release are &#8220;forward-looking statements&#8221;. Forward-looking statements are based on management&#8217;s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Consolidated Condensed Interim Income Statement</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0fd0a4f04879455a837a8d9cc8f09bda" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 21px">
<td style="WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="WIDTH: 29.64%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three-month period ended March 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 70.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Continuing operations</div>
</td>
<td style="WIDTH: 29.64%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,257,254</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,253,555</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(927,393)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,440,692)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross profit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">329,861</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">812,863</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(286,567)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(436,107)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income (expense), net</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,130)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,617</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">42,164</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">379,373</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,895</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,107</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance Cost</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,304)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,257)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other financial results</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(30,158)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,270)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before equity in earnings of non-consolidated companies and income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,597</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">377,953</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings of non-consolidated companies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,727</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,915</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">39,324</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">385,868</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11,374)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(131,925)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income for the period</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,950</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">253,943</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Attributable to:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,161</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">255,082</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,789</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,139)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,950</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">253,943</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.55%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Consolidated Condensed Interim Statement of Financial Position</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="165de114dcc742cb8cb4005f8289a998" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At March 31, 2016</div>
</td>
<td style="WIDTH: 2.35%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 25.34%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited</div>
</td>
<td style="WIDTH: 2.35%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.16%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSETS</div>
</td>
<td style="WIDTH: 13.5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.35%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current assets</div>
</td>
<td style="WIDTH: 13.5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.35%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.82%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Property, plant and equipment, net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,840,103</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,672,258</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Intangible assets, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,087,412</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,143,452</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Investments in non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">495,319</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">490,645</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Available for sale assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">369,511</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">394,746</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Deferred tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">193,752</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">200,706</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;</font>Receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">213,890</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,221,559</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">220,564</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,143,943</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;</font>Inventories</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,604,225</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,843,467</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Receivables and prepayments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">154,818</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">148,846</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Current tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">178,317</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">188,180</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,152,667</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,135,129</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,036,183</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,140,862</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Cash and cash equivalents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">531,762</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,657,972</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286,547</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,743,031</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,879,531</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,886,974</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital and reserves attributable to owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,808,693</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,713,344</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">158,097</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">152,712</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total equity</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,966,790</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,866,056</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">33,649</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">223,221</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Deferred tax liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">681,655</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">750,325</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">233,450</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">231,176</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Provisions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">63,711</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,012,465</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">61,421</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,266,143</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">965,973</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">748,295</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Current tax liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">161,328</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">136,018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">218,580</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">222,842</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Provisions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,503</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,995</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Customer advances</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">90,495</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">134,780</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Trade payables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">450,397</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,900,276</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">503,845</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,754,775</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,912,741</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,020,918</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total equity and liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,879,531</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,886,974</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Consolidated Condensed Interim Statement of Cash Flows</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="23765aaa3f39422d89b73fc07d7a6d51" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 18px">
<td style="WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30.6%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three-month period ended March 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from operating activities</div>
</td>
<td style="WIDTH: 30.6%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; FONT-WEIGHT: bold" colspan="2">
<div style="TEXT-ALIGN: center">Unaudited</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income for the period</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,950</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">253,943</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Adjustments for:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">163,155</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">147,737</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax accruals less payments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,171)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,137</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings of non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11,727)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,915)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest accruals less payments, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(19,399)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,451)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in provisions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,798</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,586)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in working capital</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">102,915</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">515,636</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other, including currency translation adjustment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">55,626</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(30,608)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash provided by operating activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">309,147</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">877,893</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from investing activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(230,249)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(261,259)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in advance to suppliers of property, plant and equipment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,258</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,294</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net loan to non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,384)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,288)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Proceeds from disposal of property, plant and equipment and intangible assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,723</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">554</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash flows from purchases and sales of securities, net</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">129,928</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(536,731)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash used in investing activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(94,724)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(801,430)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from financing activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid to non-controlling interest in subsidiaries</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,311)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisitions of non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(366)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Proceeds from borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">253,471</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">607,310</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Repayments of borrowings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(220,833)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(418,195)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash provided by financing activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,961</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">189,115</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase in cash and cash equivalents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">242,384</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">265,578</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Movement in cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the period</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286,198</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">416,445</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Effect of exchange rate changes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,161</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,206)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase in cash and cash equivalents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">242,384</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">265,578</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At March 31,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">530,743</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">671,817</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30.6%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At March 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash and cash equivalents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and bank deposits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">531,762</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">675,619</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,019)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,802)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.4%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">530,743</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">671,817</div>
</td>
</tr>
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end
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